China’s domestic stainless steel prices have showed a mostly stable trend in the past week, though quotations of certain products have decreased slightly during this period.
Global nickel prices have moved downwards as compared to the price seen following the Chinese New Year holiday. On February 11, the three-month nickel price at the London Metal Exchange (LME) closed at $13,120/mt, while LME nickel inventory on the same date totaled 208,722 mt.
Most Chinese traders are still on holiday due to the coronavirus outbreak. Most transportation in China has also been stopped. The Chinese stainless future market has moved down after the holiday but, since trading activity has nearly stopped and with traders still being on holiday, domestic stainless steel prices have remained mostly stable for now. As for the week ahead, it is believed that local stainless steel prices may follow a downtrend as traders gradually return to the market.
Spec. - Grade (mm) |
Origin |
Price |
Weekly change |
||
(RMB/mt) |
($/mt) |
(RMB/mt) |
($/mt) |
||
202/No.1 (3.0 x 1,500 x C) |
Guangzhou Lianzhong |
11,300 |
1,621 |
0 |
-20 |
201/No.1 (3.0 x 1,219 x C) |
Guangzhou Lianzhong |
7,100 |
1,018 |
0 |
-13 |
304/2B (1.0 x 1,219 x C) |
Taigang |
15,250 |
2,187 |
0 |
-28 |
304/No.1 (3.0 x 1,219 x C) |
Taigang |
14,650 |
2,101 |
-100 |
-41 |
430/2B (3.0 x 1,219 x C) |
Taigang |
8,050 |
1,155 |
0 |
-15 |
430/No.1 (3.0 x 1,500 x C) |
Taigang |
7,900 |
1,133 |
0 |
-14 |
13 percent VAT is included in the above prices.
$1 = RMB 6.972
